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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, June 19, 2020, Vol. 23, No. 123

                           Headlines



A U S T R A L I A

ALTURA MINING: Fitch Affirms LT IDR at CCC+, Outlook Stable
BIOPTIV PTY: Second Creditors' Meeting Set for June 26
BLUESTONE CBA 2015: Fitch Affirms Class F Notes at 'Bsf'
COLMARJ PTY: First Creditors' Meeting Set for June 26
CRYSTAL BLUE: First Creditors' Meeting Set for June 26

PACIFIC TRAVEL: First Creditors' Meeting Set for June 26
PEPPER RESIDENTIAL NO.26: S&P Assigns B (sf) Rating on F Notes
REDZED TRUST 2020-1: S&P Assigns Prelim B (sf) Ratings on F Notes
SHARP PLYWOOD: Second Creditors' Meeting Set for June 26
SWEET LIFE: Second Creditors' Meeting Set for June 25

VIRGIN AUSTRALIA: Union Supports Branson-Linked Bidder Cyrus


I N D I A

AGARWAL MITTAL: Insolvency Resolution Process Case Summary
ARADHANA BUILDERS: CRISIL Hikes Rating on INR10cr Term Loan to B
ARHAM IRON: CRISIL Assigns 'B' Rating to INR6.1cr Secured Debt
BEEPEE ENTERPRISE: CRISIL Lowers Rating on INR3.5cr Loan to 'D'
CANE AGRO: Insolvency Resolution Process Case Summary

CYTECH COATINGS: CRISIL Reaffirms B+ Rating on INR5.30cr Loan
DHROOV RESORTS: CRISIL Assigns 'D' Rating to INR10cr Term Loan
DURLAX INDIA: CRISIL Lowers Rating on INR10cr Cash Debt to 'D'
EARTH INTERNATIONAL: CRISIL Lowers Rating on INR2.5cr Loan to D
GENIE COMMERCIAL: CRISIL Lowers Rating on INR85cr NCD to B+

GLOBAL PRINTING: CRISIL Withdraws B+ Rating on INR18cr LT Loan
HITECH LITHO: CRISIL Reaffirms B+ Rating on INR3cr Cash Credit
HORIZON DWELLINGS: Insolvency Resolution Process Case Summary
JET AIRWAYS: To Sell BKC Space to Clear HDFC Dues
M G F MOTORS: CRISIL Lowers Rating on INR31.50cr Loan to 'D'

METRO TECHNOPACK: CRISIL Moves B+ Debt Ratings to Not Cooperating
MISHRA POLYPACKS: CRISIL Reaffirms 'B' Rating on INR21cr Loan
NECCO TOOLS: CRISIL Downgrades Rating on INR5.5cr Term Loan to B+
PARSOLI MOTOR: Insolvency Resolution Process Case Summary
SHIVANTIKA BON: Insolvency Resolution Process Case Summary

SHIVSWATI ENTERPRISES: CARE Lowers Rating on INR5.85cr Loan to D
SPES HOSPITAL: CARE Keeps D INR5.83cr LT Debt Rating in Not Coop.
SRI MADAN GOPAL: CRISIL Lowers Rating on INR6cr Loan to 'D'
SUMANGLAM IMPEX: Insolvency Resolution Process Case Summary
SUNSHINE LIQUID: CARE Cuts INR16.50cr Loan Rating to C, Not Coop.

SWASTIK COAL: CARE Keeps 'D' Debt Ratings in Not Cooperating
T. R. POLYPET: CRISIL Assigns 'D' Rating to INR5.98cr Demand Loan
TECHNO SAT: CRISIL Lowers Rating on INR25cr New Term Loan to D
UDAY AUTOLINK: CRISIL Lowers Rating on INR24.8cr Loan to 'D'
UMESH MINERAL: CRISIL Assigns B+ Rating to INR4.9cr Cash Loan

UNIQUE MALLS: CRISIL Lowers Rating on INR187.5cr LT Loan to B+
UNITED FREIGHT: CRISIL Migrates B Debt Ratings to Not Cooperating
VENKATESH ASSOCIATES: CARE Cuts INR20cr Loan Rating to C, Not Coop.


J A P A N

MITSUBISHI MOTORS: Top Executives to Take Pay Cuts


N E W   Z E A L A N D

TAURANGA CITY: Mayor Says City Council is Insolvent


S I N G A P O R E

EZION HOLDINGS: Units' Winding-Up Hearings Pushed Back Again
HIN LEONG: Winson Seeks $30MM from Standard Chartered Singapore
HYFLUX LTD: Lock Horns with Utico Over Deadline for Rescue Deal

                           - - - - -


=================
A U S T R A L I A
=================

ALTURA MINING: Fitch Affirms LT IDR at CCC+, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Australia-based Altura Mining Limited's
Long-Term Foreign-Currency Issuer Default Rating of 'CCC+' with a
Stable Outlook. Fitch has also withdrawn the 'CCC+(EXP)' expected
rating with a Recovery Rating of 'RR4' assigned to AJM's proposed
US dollar senior secured notes.

Fitch has withdrawn the expected rating on AJM's proposed US dollar
senior secured notes, which was assigned on 2 December 2019, as it
is no longer expected to convert to a final rating. The company
decided not to proceed with the issuance following the extension of
its existing loan facility and associated funding.

The affirmation follows the completion of the company's funding
package and reflects its view that AJM will be able to maintain a
profile commensurate with its rating in the next 12-18 months. This
is supported by Fitch's expectation that AJM will be able to
continue to operate, unlike its peers, which have placed their
mines on care and maintenance, and will have an adequate liquidity
buffer to service its interest cost over the next 12 months. AJM's
ratings continue to reflect its high leverage and weak cash flow
over the next 12-18 months. The company's credit profile can
improve from the current rating level if it is able to sell
spodumene at its minimum contracted price of USD550/tonne at
nameplate capacity.

The ratings were withdrawn with the following reason: an expected
rating which is no longer expected to convert to a final rating.

KEY RATING DRIVERS

Refinancing Package Improves Liquidity: Fitch believes AJM's
liquidity improved after the company extended the maturity of its
US dollar loan notes to August 2023 and obtained standby equity of
AUD50 million from executing a put option agreement with LDA
Capital to access the additional equity of up to AUD50 million, if
required by the company, over the next three years.

AJM will utilise the standby equity to fund its working capital and
finance costs over the next 12 months. As a result, AJM will be
able to better manage its short-term cash flows, aided by the
balloon repayment profile of its US dollar loan notes, which has
also extended AJM's debt maturity to the financial year ending June
2024 (FY24) from its previous maturity in August 2020.

Coronavirus Impact: Fitch believes AJM's sales volume for 2HFY20
was negatively affected by COVID-19. However, all of its off-take
counterparties are based in China and Moody's therefore expects its
operations to benefit as lockdowns are eased and industrial
activity in the country recovers to pre-pandemic levels. Fitch has
assumed in its rating case sales volume of 160,000 tonnes in FY20
and 190,000 tonnes in FY21, which is below AJM's nameplate capacity
of 220,000 tonnes/year, before starting to gradually recover from
FY22.

Small Scale; Strong Lithium Asset: AJM is a small-scale producer
compared with other hard-rock miners in Australia. It has a
production capacity of 220,000 tonnes a year and reserves of around
45 million tonnes. Nevertheless, its asset has desirable qualities
including low mica and medium iron content, and it has demonstrated
the ability to increase production to full capacity within a short
period, with competitive operating costs compared with other
hard-rock miners. This is complemented by strong demand from
off-take partners, evidence of product quality, and hence its
continued operations unlike its peers.

Volume, Price Drive Credit Metrics: Fitch expects the company's
credit metrics to improve over time as it increases its sales
volume and the market price for spodumene recovers. Funds from
operations fixed-charge coverage is likely to stay below 1x in FY20
and FY21, and improve on a recovery in spodumene prices as AJM
increases sales volume. However, Fitch expects AJM's leverage to
remain high over the next 12-18 months due its leveraged balance
sheet, weak spodumene prices and low sales volume.

DERIVATION SUMMARY

Fitch believes that for issuers rated in a low single 'B' category,
liquidity and coverage metrics have far greater impact on the
rating than their leverage metrics and business profiles. AJM is
smaller in scale and asset diversification than other junior miners
in the single 'B' space, but that is partially offset by the
company's relatively long mine life and competitive mining costs.

AJM has a better cost position and longer reserve life than
Petropavlovsk plc (B-/Positive). However, these are offset by AJM's
weak coverage metrics and liquidity position as well as its highly
leveraged balance sheet. These factors underscore the one-notch
rating differential between the two entities.

AJM has a similar cost position in comparison with Gran Colombia
Gold Corp. (B/Stable). However, the latter has a shorter reserve
life and higher country risk as Fitch scored Gran Colombia Gold's
country risk relative to mining operations at 'b', while AJM's was
scored at 'bbb'. AJM's weak financial and liquidity profile more
than offsets its strong business profile and underscores the
two-notch rating differential between the two companies.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  - Gradual decline in the realised spodumene price over the next
two years to around USD400 before recovering to USD480 from FY22 as
demand outpaces supply in the spodumene market.

  - Sales volume around 25% lower than its nameplate capacity in
2020 with gradual improvement thereafter.

  - Capex of around AUD5 million a year in FY20-FY22.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  - FFO fixed-charge coverage improves to above 1.5x on a sustained
basis

  - FFO leverage improves to below 4x on a sustained basis

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  - Failure to maintain sufficient liquidity to meet all-in costs
for the next 12-18 months.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: AJM obtained the standby equity of AUD50
million and had cash on hand of AUD1 million by end-March 2020.
Moody's expects AJM to fund its working capital and finance costs
in FY21 with the available liquidity and operating cash flows. The
maturity of the USD loan notes was extended to August 2023 as part
of its refinancing package.

AJM raised the equity from strategic partners such as downstream
companies, which are interested in securing products reliably, and
institutional investors in FY20.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

BIOPTIV PTY: Second Creditors' Meeting Set for June 26
------------------------------------------------------
A second meeting of creditors in the proceedings of Bioptiv Pty.
Limited has been set for June 26, 2020, at 11:00 a.m. via virtual
meeting.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 24, 2020, at 4:00 p.m.

Claudio Trimboli of Charles & Co was appointed as administrator of
Bioptiv Pty on April 2, 2020.


BLUESTONE CBA 2015: Fitch Affirms Class F Notes at 'Bsf'
--------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the existing ratings on
Bluestone CBA Warehouse Trust 2015's mortgage-backed floating-rate
notes due to a restructuring of the facility. The restructuring is
not due to adverse circumstances or deterioration in performance,
and is therefore not a distressed debt exchange. The restructuring
involves adding three-tiered conforming loan parameters, each with
its own structure, a change from the 100% non-conforming loans
previously modelled. This is while the trust's revolving period is
extended.

Fitch has also assigned new ratings to Bluestone CBA Warehouse
Trust 2015's restructured residential mortgage-backed floating-rate
notes. The ratings are based on the facility limits of each note.
The issuance consists of notes backed by Australian residential
mortgages originated by Bluestone Mortgages Pty Limited. The notes
were issued by Permanent Custodians Limited in its capacity as
trustee of Bluestone CBA Warehouse Trust 2015.

Bluestone CBA Warehouse Trust 2015

  - Class A.; LT AAAsf; Affirmed

  - Class A.; LT WDsf; Withdrawn

  - Class B.; LT AAsf; Affirmed

  - Class B.; LT WDsf; Withdrawn

  - Class C.; LT Asf; Affirmed

  - Class C.; LT WDsf; Withdrawn

  - Class D.; LT BBBsf; Affirmed

  - Class D.; LT WDsf; Withdrawn

  - Class E.; LT BBsf; Affirmed

  - Class E.; LT WDsf; Withdrawn

  - Class F.; LT Bsf; Affirmed

  - Class F.; LT WDsf; Withdrawn

  - Class A; LT AAAsf; New Rating   

  - Class B; LT AAsf; New Rating   

  - Class C; LT Asf; New Rating   

  - Class D; LT BBBsf; New Rating   

  - Class E; LT BBsf; New Rating   

  - Class F; LT Bsf; New Rating   

  - Class G; LT NRsf; New Rating   

  - Class Z LT NRsf; New Rating   

KEY RATING DRIVERS

Coronavirus-Related Economic Shock: Fitch has made assumptions
about the spread of the coronavirus and the economic impact of the
related containment measures. As a base-case (most likely)
scenario, Fitch assumes a global recession in 1H20, driven by sharp
economic contractions in major economies with a rapid spike in
unemployment, followed by a recovery that begins in 3Q20 as the
health crisis subsides. In a downside (sensitivity) scenario in the
rating sensitivities section below, Fitch takes into consideration
a more severe and prolonged period of stress with recovery to
pre-crisis GDP levels delayed until around the middle of the
decade.

Coronavirus-Related Impact: The measures put in place to limit the
virus spread are affecting Australia's economy, with many
businesses temporarily shut with little or no income. Moody's
expects this to affect the trust's mortgage performance, and have a
negative rating effect on the junior notes. This is because lower
subordinated rating levels are more vulnerable to changes in
macroeconomic conditions.

Liquidity Risk from Payment Holidays: Moody's has reviewed the
ability of the transaction to survive a significant proportion of
borrowers taking a payment holiday. The transaction benefits from a
liquidity facility sized at 2.5% of the outstanding note balance
and is sufficient to cover more than 11 months of documented
required payments at the current bank-bill spot rate should there
be no principal or interest collections. In the event there is not
a 100% take-up of the payment holiday, the transaction can also use
any principal payments received to pay interest.

Operational Risk: Bluestone is a non-bank lender with extensive
experience in originating, servicing and managing its mortgage
portfolio. Fitch undertook an onsite operational review and found
that the operations of the originator and servicer were comparable
with market standards and that there were no material changes that
may affect Bluestone's ongoing ability to undertake administration
and collection activities. Bluestone's collection timelines,
policies, procedures and origination practices are largely in line
with those of other lenders in Australia after taking into account
the large amount of non-conforming borrowers in their portfolio, as
evident from the transaction's historical performance.

Asset Analysis: The transaction has a rolling one-year revolving
period, and therefore Fitch's analysis is based on a stressed proxy
pool. The loan portfolio is shaped by the parameters set for the
portfolio characteristics. These include: maximum obligor exposure,
maximum loan size, maximum percentage of reduced documentation
mortgages and interest-only loans. The 'AAAsf' weighted-average
foreclosure frequency of 31.8% is driven by the WA unindexed
loan/value ratio of 69.9%, and, under Fitch's methodology,
investment loans of 40.1%. The 'AAAsf' WA recovery rate of 50.8% is
driven by the portfolio's WA indexed scheduled LVR of 70.4% and the
portfolio 'AAAsf' WA market value decline of 58.8%.

Liability Analysis: Each tranche of rated notes benefits from
credit enhancement provided by the respective subordinate notes.
Structural features include a liquidity facility sized at 2.5% of
the invested note balance and a floor of AUD250,000. The class A,
B, C, D, E and F notes pass all relevant stresses applied in the
cash-flow analysis.

Macroeconomic Factors: Fitch expects mortgage performance to
deteriorate in the near term, but to continue to support the Stable
Outlook for the notes. Fitch forecasts Australia's GDP will
contract by 5.0% in 2020, with the unemployment rate to increase to
7.5%. This will be partially offset by a low cash rate of 0.25% and
the application of both central bank and government stimulus
measures. Fitch expects GDP growth to bounce back to 4.8% in 2021
and for the unemployment rate to fall to 6.9% in the medium term.

The Stable Outlook on the notes reflects liquidity support and
ability to withstand the sensitivity to higher defaults stemming
from the pandemic.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis of the ratings by stressing the transaction's base-case
assumptions.

Notes: A / B / C/ D / E / F

Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Downside Sensitivity

Expected impact on note ratings of increased defaults:

Increase defaults by 15%: AAsf / A+sf / BBB+sf / BBB-sf / BBsf /
Bsf

Increase defaults by 30%: AAsf / Asf / BBBsf / BB+sf / BB-sf / <
Bsf

Expected impact on note ratings of decreased recoveries:

Reduce recoveries by 15%: AA+sf / A+sf / BBB+sf / BB+sf / B+sf /
< Bsf

Reduce recoveries by 30%: AA-sf / A-sf / BB+sf / B+sf / < Bsf /
< Bsf

Expected impact on note ratings of multiple factors:

Increase defaults by 15% and reduce recoveries by 15%: AA-sf / A-sf
/ BBB-sf / BB-sf / < Bsf / < Bsf

Increase defaults by 30% and reduce recoveries by 30%: A-sf /
BBB-sf / B+sf / < Bsf / < Bsf / < Bsf

Upgrade Sensitivity:

Rating sensitivity to decreased charge-offs:

Notes: A / B / C/ D / E / F

Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Decrease defaults by 15% and increase recoveries by 15%: AAAsf /
AAAsf / AAsf / A+sf / BBB+sf / BB+sf

Upgrade to the ratings for class D and E are constrained by the
tail-risk concentration.

Coronavirus Downside Scenario Sensitivity

Under Fitch's downside scenario, re-emergence of infections in
the major economies prolongs the health crisis and confidence
shock, prompts extensions or renewals of lockdown measures and
prevents a recovery in financial markets. Fitch tested this
scenario by increasing defaults by 15% and decreasing recoveries by
15% across all rating levels.

Coronavirus downside impact on note ratings of multiple factors:
AA-sf / A-sf / BBB-sf / BB-sf / < Bsf / < Bsf

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Increased credit enhancement ratios that are able to fully
compensate for the credit losses, tail risk tests and cash flow
stresses that are commensurate with higher rating stress scenarios,
all else being equal.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Downgrades may occur if the build-up of credit enhancement does not
compensate for higher losses than its expectations due to greater
levels of defaults and portfolio deterioration.

CRITERIA VARIATION

Fitch has applied a variation to the APAC Residential Mortgage
Rating Criteria, which specifies the foreclosure frequency matrix
for each rating level. Fitch has reviewed and updated sector
outlooks globally in response to the rapidly deteriorating
macroeconomic and operational environment linked to the effects of
the coronavirus pandemic. Based on the above, Fitch has undertaken
additional analysis in order to incorporate changing macroeconomic
conditions as a result of the COVID-19 pandemic. The analysis uses
the inherent assumption that the Australian delinquency rate will
equal that experienced in the UK during the financial crisis and
then fall back to the Australian long-term average. Under this
assumption, Fitch increased the default assumptions by 0% at
'AAAsf' to 36% and 30% at 'Bsf' for conforming
mortgages and non-conforming mortgages, respectively.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case
scenario credit ratings are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was available for this transaction.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of Bluestone's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and
the other information provided to the agency about the asset
portfolio.

Overall, Fitch's assessment of the asset pool information
relied upon for the agency's rating analysis according to its
applicable rating methodologies indicates that it is adequately
reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

The issuers have informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

ESG CONSIDERATIONS

Bluestone CBA Warehouse Trust 2015 has an ESG Relevance Score of 4
for Exposure to Social Impact due to its consideration in cash flow
analysis of the limited ability of the mortgage lender to reprice
loans as a result of borrowers paying above-market rates, which has
a negative impact on the credit profile and is relevant to the
ratings.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity(ies),
either due to their nature or the way in which they are being
managed by the entity(ies).

COLMARJ PTY: First Creditors' Meeting Set for June 26
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Colmarj Pty
Ltd (as Trustee for the Glover's Station Unit Trust) will be held
on June 26, 2020, at 11:00 a.m. via electronic means.

D C Quin of PCI Partners Pty Ltd was appointed as administrator of
Colmarj Pty on June 16, 2020.


CRYSTAL BLUE: First Creditors' Meeting Set for June 26
------------------------------------------------------
A first meeting of the creditors in the proceedings of Crystal Blue
Group Pty Ltd, trading as Crystal Blue Commercial Loans, will be
held on June 26, 2020, at 11:00 a.m. at the offices of Rodgers
Reidy (QLD) Pty Ltd, Level 9, at 46 Edward Street, in Brisbane,
Queensland.

David James Hambleton of Rodgers Reidy was appointed as
administrator of Crystal Blue on June 16, 2020.



PACIFIC TRAVEL: First Creditors' Meeting Set for June 26
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Pacific
Travel Retail Partners New Zealand Pty Ltd will be held on June 26,
2020, at 9:30 a.m. at Level 19, 207 Kent Street, in Sydney, NSW.

Todd Andrew Gammel and Barry Anthony Taylor of HLB Mann Judd were
appointed as administrators of Pacific Travel on June 16, 2020.



PEPPER RESIDENTIAL NO.26: S&P Assigns B (sf) Rating on F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No.26. Pepper Residential Securities
Trust No.26 is a securitization of nonconforming and prime
residential mortgages originated by Pepper Homeloans Pty Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses we apply. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk takes into account the underwriting
standard and centralized approval process of the seller, Pepper
Homeloans.

-- The availability of a retention amount, amortization amount,
and yield reserve, which will all be funded by excess spread, but
at various stages of the transaction's term. On the issue date of
the transaction, Pepper Group Pty Ltd., as manager, will deposit an
initial amount of A$500,000 into the yield reserve. They will have
separate functions and timeframes, including reducing the balance
of senior notes, reducing the balance of the most subordinated
notes, and paying senior expenses and interest shortfalls on the
rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.5% of the outstanding balance of the notes, and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.

-- The condition that a minimum margin will be maintained on the
assets.

-- That S&P also have factored into its ratings the legal
structure of the trust, which has been established as a
special-purpose entity and meets our criteria for insolvency
remoteness.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put upward pressure on mortgage
arrears. S&P has recently updated its outlook assumptions for
Australian RMBS in response to changing macroeconomic conditions as
a result of the COVID-19 outbreak. S&P has also applied a range of
additional stresses in its analysis to assess the rated notes'
sensitivity to liquidity stress and the possibility of higher
arrears. As of May 31, 2020, borrowers with COVID-19 related
hardship arrangements make up 8.38% of the closing pool balance.

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. S&P said,
"Some government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. We believe the measures adopted to contain
COVID-19 have pushed the global economy into recession. As the
situation evolves, we will update our assumptions and estimates
accordingly."

  RATINGS ASSIGNED

  Pepper Residential Securities Trust No.26

  Class      Rating         Amount (mil. A$)
  A1-s       AAA (sf)       160.0
  A1-a       AAA (sf)       330.0
  A2         AAA (sf)       108.5
  B          AA (sf)         38.5
  C          A (sf)          21.0
  D          BBB (sf)        15.4
  E          BB (sf)          9.1
  F          B (sf)           6.4
  G          NR              11.1

  NR--Not rated.


REDZED TRUST 2020-1: S&P Assigns Prelim B (sf) Ratings on F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight of the
ten classes of small-ticket commercial mortgage-backed, floating
rate, pass-through notes issued by Perpetual Trustee Co. Ltd. as
trustee of RedZed Trust STC Series 2020-1.

RedZed Trust STC Series 2020-1 is a securitization of loans to
Australian resident borrowers secured by first-registered mortgages
over Australian commercial or residential properties originated by
RedZed Lending Solutions Pty Ltd. (RedZed). This is the first
small-ticket commercial mortgage loan transaction sponsored by
RedZed rated by S&P Global Ratings.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for each class of rated note.

-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 3.0% of the
outstanding balance of the notes, and the principal draw function.

-- The extraordinary expense reserve of A$250,000, funded from day
one by RedZed, available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.

-- The legal structure of the trust, which has been established as
a special-purpose entity and meets our criteria for insolvency
remoteness.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put upward pressure on mortgage
arrears over the longer term. S&P has therefore applied a range of
additional stresses in its analysis to assess the rated notes'
sensitivity to liquidity stress, and the possibility of higher
arrears. As of June 10, 2020, borrowers with approved
COVID-19-related hardship arrangements make up 19.4% of the closing
pool balance.

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. S&P said,
"Some government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. We believe the measures adopted to contain
COVID-19 have pushed the global economy into recession. As the
situation evolves, we will update our assumptions and estimates
accordingly."

  PRELIMINARY RATINGS ASSIGNED

  RedZed Trust STC Series 2020-1

  Class        Rating          Amount (mil. A$)
  A-1-S        AAA (sf)        95.0
  A-1-L        AAA (sf)        85.0
  A-2          AAA (sf)        14.1
  B            AA (sf)         27.6
  C            A (sf)          29.1
  D            BBB (sf)        20.4
  E            BB (sf)         11.4
  F            B (sf)           8.4
  G1           NR               5.4
  G2           NR               3.6

  NR--Not rated.


SHARP PLYWOOD: Second Creditors' Meeting Set for June 26
--------------------------------------------------------
A second meeting of creditors in the proceedings of Sharp Plywood
Pty Ltd has been set for June 26, 2020, at 10:00 a.m. at the
offices of Morton + Lee Insolvency, Level 10, at 388 Queen Street,
in Brisbane, Queensland.  

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 25, 2020, at 4:00 p.m.

Gavin Charles Morton of Morton + Lee Insolvency was appointed as
administrator of Sharp Plywood on May 22, 2020.

SWEET LIFE: Second Creditors' Meeting Set for June 25
-----------------------------------------------------
A second meeting of creditors in the proceedings of The Sweet Life
Farms Australia Pty Ltd has been set for June 25, 2020, at 1100
a.m. via virtual meeting.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 24, 2020, at 4:00 p.m.

Steve Naidenov and Ian Niccol of Aston Chace Group were appointed
as administrators of Sweet Life Farms on April 21, 2020.


VIRGIN AUSTRALIA: Union Supports Branson-Linked Bidder Cyrus
------------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that two unions
representing Virgin Australia workers have publicly backed the
Richard Branson-linked investment firm Cyrus Capital as their
preferred bidder for the collapsed airline, saying the group's
aviation experience makes it best placed to relaunch the carrier.

According to SMH, Cyrus and rival bidder Bain Capital met unions
representing Virgin's 9,000 workers on June 16 and June 17 in an
effort to win their support ahead of submitting binding offers on
Monday to lift Virgin out of administration.

SMH relates that Flight Attendants Association of Australia
secretary Teri O'Toole said she believed Cyrus -- which has a
history of investing in airlines alongside Richard Branson's Virgin
Group -- was committed to the airline's success and would try to
preserve as many jobs as possible.

"Cyrus are not dipping their toes in aviation, they actually know
what they're doing and they're taking this on with eyes open," SMH
quotes Ms O'Toole as saying.  "They've got the airline experience
and they really understand the Virgin culture and the brand
value."

Australian Licensed Aircraft Engineers' Association federal
secretary Steve Purvinas, whose union represents 350 of Virgin's
450 engineers, also threw his support behind Cyrus, the report
relays. "They have an intimate knowledge of the Virgin brand and
what makes it successful," he said.

Mr. Purvinas said both bidders would make Virgin a smaller airline,
causing pain for workers, but the difference between them would be
"the depth of that pain".

SMH adds that the unions representing Virgin's 9,000 employees have
previously expressed concerns about Bain's tilt for the airline
given its history of slashing jobs and feared it could be a
short-term investor.

SMH relates that Ms. O'Toole said Cyrus, on the other hand, did not
appear to be interested in a "short-term rip and pillage" and had a
compelling vision for how to make Virgin a competitive second
airline.

SMH says Virgin's workers will form a decisive voting block in
mid-August when the airline's administrators Deloitte present a
rescue deal to creditors, which are collectively owed AUD6.8
billion.

According to the report, Transport Workers Union federal secretary
Michael Kaine said he needed to see details of the two bids before
backing either, and that the two parties had shown "competing
strengths".

"That means the bids are finely balanced. We'll keep encouraging
bidders to put forward their best bid on Monday," the report quotes
Mr. Kaine as saying.

Other union sources, who declined to be named while discussions
with bidders were continuing, agreed that Cyrus' major appeal was
its extensive airline experience and long connection with the
Virgin group and brand, while appearing to be more responsive to
workers' interests.

However, one union official said Bain had significantly deeper
pockets, which may be required to ride out future shocks that could
hit the notoriously volatile aviation sector, the report relays.
The Boston-headquartered Bain has US$105 billion (AUD152 billion)
of assets under management compared with Cyrus' US$4 billion
(AUD5.8 billion).

SMH notes that the two bidders have similar plans to make Virgin a
simpler and more profitable airline, positioned somewhere in the
market between Qantas and Jetstar. Cyrus has indicated it would be
the more upmarket of the two, with a business class product and
eventually flying internationally. Cyrus has also backed Virgin's
existing management, led by chief executive Paul Scurrah.

Cyrus invested alongside the Virgin Group to launch the airline
Virgin America in 2005, and remained an investor in the carrier
until Alaska Airlines bought it in 2016, the report notes. The two
groups also bought the British regional airline Flybe last year,
but it has since gone into administration.

Cyrus senior adviser Jonathan Peachey told this masthead this week
that Virgin had become "too complex" and "too corporate" and could
be profitable within three years after being re-launched as a
smaller, simpler, mid-market airline.

                      About Virgin Australia

Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.

As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2020, Bloomberg News related that Virgin Australia Holdings
Ltd. became Asia's first airline to fall to the coronavirus after
the outbreak deprived the debt-burdened company of almost all
income.  Administrators at Deloitte, who have taken control of the
Brisbane-based carrier, aim to restructure the business and find
new owners within months.  More than 10 parties have expressed an
interest, Deloitte related on April 21.  

Virgin Australia, which has furloughed 80% of its 10,000 workers,
will continue to operate some flights for essential workers,
freight and the repatriation of Australians, Bloomberg said. The
airline's frequent flyer program is a separate company and is not
in administration.

Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20, 2020.

The company owes AUD6.8 billion to lenders, bondholders, aircraft
lessors, trade creditors and employees.

On April 29, 2020, the company and certain affiliates filed
petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York.



=========
I N D I A
=========

AGARWAL MITTAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Agarwal Mittal Concast Private Limited
        A-201 Mondeal Square
        Nr. Prahladnagar Garden
        Opposite Honest Restaurant
        S.G. Highway
        Ahemedabad 380015

Insolvency Commencement Date: March 16, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 27, 2020
                               (180 days from commencement)

Insolvency professional: CA Pawan KR Agarwal

Interim Resolution
Professional:            CA Pawan KR Agarwal
                         42, Gopal Bhawan
                         199 Princess Street
                         Mumbai 400002
                         Mobile: 9821063418
                         E-mail: arbitratorpr@gmail.com

                            - and -

                         B-21, Padma Nagar
                         Andheri Kurla Road
                         Chakala, Nr W.E. Metro
                         Andheri East
                         Mumbai 400099

Last date for
submission of claims:    June 23, 2020


ARADHANA BUILDERS: CRISIL Hikes Rating on INR10cr Term Loan to B
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Aradhana Builders Private Limited (ABPL) to 'CRISIL B/Stable' from
'CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Drop Line             4.5        CRISIL B/Stable (Upgraded
   Overdraft                        from 'CRISIL D')
   Facility              
                                     
   Proposed              5.5        CRISIL B/Stable (Upgraded
   Term Loan                        from 'CRISIL D')

   Term Loan            10.0        CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

The upgrade reflects timely servicing of instalments on term loan
during December 2019- February 2020 period.

The rating also reflects susceptibility of ABPL's operating
performance to timely completion of projects and flow of customer
advances, and to risks inherent in the real estate industry;
moreover, the company has geographical concentration in revenue.
However, it benefits from the extensive experience of its promoters
and established track record.

Key Rating Drivers & Detailed Description

* Timely servicing of debt obligation: The Company has timely
serviced the principal instalments on its term debt for the last
three months through February 2020.

Weaknesses:

* Susceptibility of operating performance to timely execution of
projects and flow of customer advances: Operating performance
remains susceptible to risk associated with demand and salability
of ongoing project. Any delay in receipt of customer advances,
slowdown in the real estate sector, or increase in interest rate
could adversely affect the company's execution and salability.
Moreover, with cash flow constraints, progress or launch of other
projects can also get impacted.

* Exposure to inherent risks and cyclicality in the real estate
industry: The real estate sector is cyclical and affected by sharp
movements in prices of raw materials. The execution of real estate
projects is also governed by multiple property laws and government
regulations. The risk is compounded by aggressive timelines for
completion with shortage of manpower. The recent slowdown in the
real estate sector has adversely delayed the execution and
salability of several ongoing projects.

* Geographical concentration in revenue: All of the company's
ongoing projects are in the state of Uttarakhand, which exposes
business risk profile to fluctuations and dip in the real estate
market in that region. Furthermore, any sudden revision in rates in
that region will significantly affect profitability margins.

Strength:
* Extensive experience of the promoters and established track
record:  The company's promoters have experience of more than 20
years in the real estate business, during which they have completed
about 10 projects in Dehradun. Also, its projects largely cater to
the premium segment and are backed by high quality of
construction.

Liquidity Stretched

Bank lines were moderately utilized averaged at 78% over the past
ten months through January 2020. Moreover, ABPL has availed
moratorium facility from the bank till May 31, 2020. Due to the
ongoing COVID-19 pandemic, the projects in-hand are non-operational
and so sufficient cash accrual generation post pandemic will be a
key monitorable. Current ratio stood at 3.35 times as on March 31,
2019.

Outlook: Stable

CRISIL believes ABPL will continue to benefit from the extensive
industry experience of its partners and established track record.

Rating sensitivity factors

Upward factors

* Sustainable improvement in turnover to around INR30 crore over
the medium term.

* Timely completion of projects in-hand

Downward factors

* Significant delays in project completion leading to decline in
cash accruals to below INR80 lakhs; putting pressure on debt
repayment ability

* Substantial decline in turnover post pandemic

Incorporated in 1993 in Uttarakhand and promoted by Mr Chandravir
Singh Pokhriyal and Mr Ashok Kumar Agarwal, ABPL develops
residential and commercial properties in Dehradun.

ARHAM IRON: CRISIL Assigns 'B' Rating to INR6.1cr Secured Debt
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Arham Iron and Steel Industries (AISI).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Secured               6.1        CRISIL B/Stable (Assigned)
   Overdraft
   Facility              

The rating reflects AISI's low operating margin because of the
trading business, modest scale of operations, and weak financial
risk profile. These weaknesses are partially offset by the
extensive experience of the proprietor in the steel industry and
prudent working capital management.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and low profitability: AISI's business
risk profile is constrained by its modest scale and low profit
margin in the intensely competitive trading industry. The scale of
operations of AISI has remained moderate despite its long track
record, marked by revenue of INR75.62 crore in fiscal 2019.

* Weak financial risk profile: Total outside liabilities to
tangible networth was high around 5.00 times over the 3 years
ending March 31, 2020. Debt protection metrics have been weak in
the past due to high gearing and low cash accrual. Interest
coverage and net cash accrual to total debt ratios are estimated at
1.43 times and 0.04 time, respectively, in fiscal 2020. The metrics
should remain at a similar level because of high debt levels.

Strengths:

* Extensive experience of the proprietor: The extensive experience
of the proprietor, his strong understanding of the market dynamics,
and healthy relationships with suppliers and customers should
continue to support the business.

* Prudent working capital management: Gross current assets were
40-80 days over the 4 fiscals ended March 31, 2020.

Liquidity Stretched

Bank limit utilisation averaged 100% over the 12 months through
March 2020. Cash accrual, expected at INR30-40 lakh, is tightly
matched with debt obligation of INR30-35 lakh over the medium term.
Current ratio is expected to remain moderate at 1.4 times as on
March 31, 2020.

Outlook: Stable

CRISIL believes AISI will continue to benefit from the experience
of the management in mitigating the risks inherent in the trading
business.

Rating Sensitivity factors

Upward factors

* Sustained revenue growth of 20% over the medium term and
improvement in the financial risk profile

* Better liquidity profile

Downward factors

* Decline in scale of operations leading to fall in revenue by 15%
and profitability margin of below 2.00%, resulting in
lower-than-expected net cash accrual

* Weakening of the financial risk profile

Established in 2005, Hyderabad-based AISI trades in steel and iron
products, including mild steel (MS) channels, MS angles, and thermo
mechanically treated bars. Mr Davendra Kumar Parakh is the
proprietor of the firm.

BEEPEE ENTERPRISE: CRISIL Lowers Rating on INR3.5cr Loan to 'D'
---------------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of Beepee
Enterprise Private Limited (BEPL), as:

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Foreign Demand        2.0        CRISIL D (ISSUER NOT
   Bill Purchase                    COOPERATING; Downgraded from
                                    'CRISIL A4' ISSUER NOT
                                    COOPERATING')

   Letter Of             0.3        CRISIL D (ISSUER NOT
   Guarantee                        COOPERATING; Downgraded from
                                    'CRISIL A4' ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    1.0        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BEPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BEPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for BEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower.

CRISIL has downgraded its rating on the bank loan facilities of
BEPL to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating' on as there have been
instances of delays in servicing of debt obligations and the
account has been classified as Non-performing Asset (NPA).

BEPL was incorporated in 2003, promoted by Mr. Chandrakishor Poddar
along with his sons, Mr. Anup Poddar and Mr. Anil Poddar. The
company manufactures of bed sheets, table cloths, serviettes, chair
covers, table linen, duvets, and mats. BEPL's customers include
various reputed players such as Air India Ltd, Taj Hotels Resorts
and Palaces, and Hotel Leela Ventures Ltd.

CANE AGRO: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Cane Agro Energy (India) Limited

        Registered office:
        At Raigon, Post Hingangaon (Budruk)
        Tal-Kadegaon, Sangli 415305
        Maharashtra

Insolvency Commencement Date: June 10, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 7, 2020
                               (180 days from commencement)

Insolvency professional: Shailesh Desai

Interim Resolution
Professional:            Shailesh Desai
                         Headway Resolution and Insolvency
                         Services Pvt. Ltd.
                         708, Raheja Centre
                         Nariman Point
                         Mumbai 400021
                         Maharashtra
                         E-mail ip10362.desai@gmail.com
                                cirpcane@gmail.com

Last date for
submission of claims:    June 29, 2020


CYTECH COATINGS: CRISIL Reaffirms B+ Rating on INR5.30cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Cytech
Coatings Private Limited (CCPL) at 'CRISIL B+/Stable/CRISIL A4' (a
part of Cytech group).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       5         CRISIL A4 (Reaffirmed)


   Packing Credit         4.15      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.51      CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan        5.30      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the weak financial risk profile and
large working capital requirement. These rating weaknesses are
partially offset by the extensive experience of the promoters and
fund support in form of unsecured loans.

A pre-shipment facility availed by CCPL is currently overdue for
more than 30 days. However, this overdue is attributable to
COVID-19 related lockdown. On account of the lockdown and
restrictions in the economic activity, the company was unable to
undertake timely dispatch of the order against which this
pre-shipment facility was availed from the bank. Further, the
necessary documents to convert the same into a post shipment
facility also could not be submitted in time resulting in the
overdue. However, the account continues to be classified as
standard and regular by the bank and the instance coincides with
the moratorium period as permitted by the Reserve Bank of India.
Further there have been no such instances of overdue beyond 30 days
in the past. Accordingly, CRISIL has not considered this delay as a
default.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CCPL and Hitech Litho Pvt Ltd (HLPL).
This is because these entities, together referred to as the Cytech
group, are engaged in similar businesses, sharing the same
customers and promoters, and having operational linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk: Financial risk profile is marked by
modest networth of INR10.52 crore and high total outside
liabilities to adjusted debt (TOLANW) ratio of 4.13 times, as on
March 31, 2019. Debt protection metrics were also average, with
interest coverage and net cash accrual to adjusted debt ratios of
1.7 times and 0.06 time, respectively, in fiscal 2019. Financial
risk profile is expected to remain below average over the medium
term.

* Large working capital requirement: Gross current assets exceeded
300 days as on March 31, 2019, owing to large receivables of around
162 days and inventory of 48 days. Working capital requirement is
expected to be at similar level over medium term.

Strength:
* Extensive experience of promoters: The two-decade-long experience
of the promoters in the ink industry, and their strong
relationships with customers and suppliers, will continue to
support the business risk profile.

Liquidity Poor

Liquidity remains poor on account of low cash accruals against term
debt repayments and high bank limits utilization. Cash accrual is
expected at in the range of INR0.27-0.63 crore per annum against
the maturing debt of around INR0.67-1.12 crore per annum. The short
fall is expected to be met through infusion of fund by promoters in
form of unsecured loans. In past promoter have supported the
liquidity through unsecured loans which was outstanding at INR1.33
crore as on March 31, 2019. Bank limit utilisation, remains high
averaging around 88 % for the 12 months ended April 2020. Current
ratio was low at 1.17 times as on
March 31, 2019 and expected to be at similar level.

Outlook: Stable

CRISIL believes the Cytech group will continue to benefit from the
extensive experience of its promoters.

Rating sensitivity factors:

Upward factors:

* Increase in revenue and sustained profitability leads to
substantial increase in cash accrual of above INR1.50 crore, thus
strengthening the financial risk profile especially liquidity.

* Improvement in working capital cycle.

Downward factors:

* Substantial fall in revenue or profitability leading to cash
accruals below INR0.25 crore,

* Further stretched working capital cycle, or any major capital
expenditure, weakens the financial risk profile, including
liquidity.

Incorporated in 2009, CCPL manufactures various printing inks,
resins, and adhesives, used in the packaging industry. Incorporated
in 2011, HLPL also produces various printing inks for the packaging
industry.

DHROOV RESORTS: CRISIL Assigns 'D' Rating to INR10cr Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities of
Dhroov Resorts (DR).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              10        CRISIL D (Assigned)

The rating reflects DR's geographic concentration in revenue
profile, modest scale of operations and weak financial profile.
These weaknesses are partially offset by extensive experience of
proprietor and favorable location of the hotel.

Key Rating Drivers & Detailed Description

Weakness

* Geographic concentration in revenue profile: The entity operates
a single hotel in Lakkar Bazaar, Shimla thus constraining its
revenue diversification profile.

* Modest scale of operation: DR's business profile is constrained
by its modest scale of operations of around INR4 crore (in fiscal
2019) in the intensely competitive Hotels & Resorts industry. DR's
scale of operations is expected to be significantly impacted by
Covid-19 pandemic and its modest scale of operations will hence
continue to limit its operating flexibility over the medium term.

* Weak financial profile: DR's debt protection measures have been
at weak level in past due to high gearing and low accruals from the
operations. The interest coverage and net cash accrual to total
debt (NCATD) ratio were at 1.66 times and 0.04 times for fiscal
2019. DR's debt protection measures are expected to weaken further
on account of high debt levels compared to its estimated cash
generation in the near to medium term.

Strength

* Extensive industry experience of the proprietor: Mr Balbir Singh
Verma (promoter) is an MLA from Chopal, Himachal Pradesh and a
certified builder and civil contractor in the region. This has
given them an understanding of the dynamics of the market, and
enabled him to establish relationships in the region.

* Favourable location: The hotel is located at Cart Road, Shimla,
which is at a distance of about 300 mtrs from the Mall Road, which
is one of the most popular tourist destinations. The hotel is also
very close to major tourist attractions like Jakho Temple, Naldehra
and Kufri.

Liquidity Poor
Liquidity is poor as reflected by delays in meeting maturing debt
obligations in recent past. DR had continued to service its debt
obligations with delays till February, 2020 post which it has
availed moratorium on term loan facilities from the bank which has
been extended till August, 2020.

Rating Sensitivity Factor

Upward Factor

* Timely servicing of debt continuously for 90 days once moratorium
is over

* Improvement in business risk profile.

DR operates a single hotel located at Lakkar Bazaar, Shimla
Himachal Pradesh. The hotel began its commercial operations from
June 10, 2017. DR is owned & managed by Mr. Balbir Singh Verma.

DURLAX INDIA: CRISIL Lowers Rating on INR10cr Cash Debt to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Durlax
India Pvt Ltd (DIPL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Letter of Credit        3.3      CRISIL D(Downgraded from
                                    'CRISIL A4+')

   Term Loan               9        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The downgrade reflects the delay in servicing of term debt by the
company before March 2020. DIPL has delayed servicing of its term
debt in the last 6 months through May 2020 as a result of stretched
liquidity due to high working capital requirement.

The company has large working capital requirement and modest scale
of operations. However, it benefits from the extensive experience
of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Gross current assets remained
large, estimated over 300 days as on March 31, 2020, driven by
substantial receivables (85 days) and inventory (205 days). Part of
the working capital requirement is met by stretching payables
(estimated at 130 days as on March 31, 2020).

* Modest scale of operations: The modest scale, reflected in
operating income below INR40 crore over the 4 fiscals through 2020,
will continue to limit operating flexibility.

Strength

* Extensive industry experience of the promoters: Mr Shravan Suthar
has been engaged in sales of solid surface sheets domestically
since 2004. He and his family members launched their own brands
Luxor and Aspiron in 2010. Till 2017, DIPL outsourced production.
Backed by the experience of the promoters, the company has set up a
manufacturing unit in Valsad, Gujarat, which commenced operations
in December 2017. CRISIL believes the manufacturing unit will allow
DIPL to maintain quality of its products and reduce the time taken
to meet demand of its customers, which will lead to an improvement
in its business risk profile over the medium term.

Liquidity Poor
The poor liquidity led to delay in meeting term debt obligation
over the 6 months through May 2020. Banks limit is likely to remain
fully utilised over the medium term on account of large working
capital requirement.

Rating Sensitivity factors

Upward factors

* Timely servicing of debt obligation for at least 3 months

* Improvement in working capital cycle

Based in Mumbai, DIPL sells solid surface sheets and adhesives
under the Luxor and Aspiron brands. The company has a manufacturing
plant in Valsad, which commenced operations in December 2017. It is
managed by the Suthar family with Mr Shravan Suthar as Chairman.

EARTH INTERNATIONAL: CRISIL Lowers Rating on INR2.5cr Loan to D
---------------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of Earth
International Private Limited (EIPL), as:

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    CRISIL B/Stable ISSUER NOT
                                    COOPERATING)

   Packing Credit        2.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    CRISIL A4 ISSUER NOT
                                    COOPERATING)

   Proposed Fund-        2.5        CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING; Downgraded from
                                    CRISIL B/Stable ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with EIPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of EIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, CRISIL has downgraded the
ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating', as there has been
delays in servicing of debt for more than 12 months.

EIPL was incorporatedin1996by Mr.B K Jain.  EIPLis engaged in the
manufacturing of nanoclay, exothermic riser sleeves, bentonite,
quartz powder, feldspar powder, mica powder and hydrogel which find
applications in oil-well industries, foundries, civil construction,
ceramic sanitary wares and in agriculture. The company's
manufacturing facility is based in Gujarat and Neemrana
(Rajasthan).

GENIE COMMERCIAL: CRISIL Lowers Rating on INR85cr NCD to B+
-----------------------------------------------------------
CRISIL has revised its rating on the NCDs of Genie Commercial
Ventures Private Limited (GCVPL) to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non Convertible       85         CRISIL B+/Stable (ISSUER NOT
   Debentures                       COOPERATING: Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been following up with GCVPL for getting information
through letters and emails, dated April 3, 2020, April 20, 2020,
and May 14, 2020 and May 19, 2020, apart from various telephonic
communication. However, the issuer has remained non-cooperative.

'Investors, lenders, and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'issuer not cooperating'. This rating lacks a
forward-looking component as it has been arrived at without any
management interaction and is based on best-available or limited or
dated information'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of GCVPL, which restricts CRISIL's ability to take
a forward-looking view on the entity's credit quality. CRISIL
believes the information available is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with 'CRISIL BB' category or lower'.

Therefore, owing to inadequate information and lack of management
cooperation, CRISIL has revised its rating on the NCDs of GCVPL to
'CRISIL B+/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable
Issuer Not Cooperating'.

GCVPL, a special-purpose vehicle formed by the Transcon group,
executes real estate business, and holds units in ARL's Tirumala
Habitats project. Mr Rishi Todi and Mr Dharmesh Minawala each hold
50% shares in GCVPL, which currently holds 77,178 square feet in
Tirumala Habitats (received in lieu of the NCDs). The repayment of
the NCDs is expected to be met from proceeds of the sale of units
held by GCVPL in Tirumala Habitats.

The NCDs are listed on the Bombay Stock Exchange and have a tenure
of 36 months. Investors shall be provided with an exit through sale
of the acquired area. These debentures have a corporate guarantee
from ARL. At the end of the tenure, these debentures have a put
option at 20% internal rate of return or developer buyback value.

GLOBAL PRINTING: CRISIL Withdraws B+ Rating on INR18cr LT Loan
--------------------------------------------------------------
CRISIL has withdrawn the ratings on certain bank facilities of
Global Printing and Packaging Company Private Limited (GPC), as:

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            7        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term    18        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with GPC for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GPC. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GPC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB rating category or lower.
Based on the last available information, the rating on bank
facilities of GPC continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of GPC on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Established in 1998 by promoter-director, Mr BK Surendranath, GPC
prints and manufactures packaging material such as cartons, polymer
labels, self-adhesive roll labels, and booklets, primarily for
pharmaceutical and consumer goods manufacturers.

HITECH LITHO: CRISIL Reaffirms B+ Rating on INR3cr Cash Credit
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Hitech
Litho Private Limited (HLPL) at 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       1.50      CRISIL A4 (Reaffirmed)

   Proposed Term Loan     1.69      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the weak financial risk profile and
large working capital requirement. These rating weaknesses are
partially offset by the extensive experience of the promoters and
fund support in form of unsecured loans.

A pre-shipment facility availed by CCPL is currently overdue for
more than 30 days. However, this overdue is attributable to
COVID-19 related lockdown. On account of the lockdown and
restrictions in the economic activity, the company was unable to
undertake timely dispatch of the order against which this
pre-shipment facility was availed from the bank. Further, the
necessary documents to convert the same into a post shipment
facility also could not be submitted in time resulting in the
overdue. However, the account continues to be classified as
standard and regular by the bank and the instance coincides with
the moratorium period as permitted by the Reserve Bank of India.
Further there have been no such instances of overdue beyond 30 days
in the past. Accordingly, CRISIL has not considered this delay as a
default.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of HLPL and Cytech Coatings Pvt Ltd (CCPL).
This is because these entities, together referred to as the Cytech
group, are engaged in similar businesses, sharing the same
customers and promoters, and having operational linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk: Financial risk profile is marked by
modest networth of INR10.52 crore and high total outside
liabilities to adjusted debt (TOLANW) ratio of 4.13 times, as on
March 31, 2019. Debt protection metrics were also average, with
interest coverage and net cash accrual to adjusted debt ratios of
1.7 times and 0.06 time, respectively, in fiscal 2019. Financial
risk profile is expected to remain below average over the medium
term.

* Large working capital requirement: Gross current assets exceeded
300 days as on March 31, 2019, owing to large receivables of around
162 days and inventory of 48 days. Working capital requirement is
expected to be at similar level over medium term.

Strength:
* Extensive experience of promoters: The two-decade-long experience
of the promoters in the ink industry, and their strong
relationships with customers and suppliers, will continue to
support the business risk profile.

Liquidity Poor
Liquidity remains poor on account of low cash accruals against term
debt repayments and high bank limits utilization. Cash accrual is
expected at in the range of INR0.27-0.63 crore per annum against
the maturing debt of around INR0.67-1.12 crore per annum. The short
fall is expected to be met through infusion of fund by promoters in
form of unsecured loans. In past promoter have supported the
liquidity through unsecured loans which was outstanding at INR1.33
crore as on March 31, 2019. Bank limit utilisation, remains high
averaging around 88 % for the 12 months ended April 2020. Current
ratio was low at 1.17 times as on
March 31, 2019 and expected to be at similar level.

Outlook: Stable

CRISIL believes the Cytech group will continue to benefit from the
extensive experience of its promoters.

Rating sensitivity factors:

Upward factors:

* Increase in revenue and sustained profitability leads to
substantial increase in cash accrual of above INR1.50 crore, thus
strengthening the financial risk profile especially liquidity.

* Improvement in working capital cycle.

Downward factors:

* Substantial fall in revenue or profitability leading to cash
accruals below INR0.25 crore,

* Further stretched working capital cycle, or any major capital
expenditure, weakens the financial risk profile, including
liquidity.

Incorporated in 2009, CCPL manufactures various printing inks,
resins, and adhesives, used in the packaging industry. Incorporated
in 2011, HLPL also produces various printing inks for the packaging
industry.

HORIZON DWELLINGS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Horizon Dwellings Private Limited
        64, Civil Lines
        Ayub Khan Chaupla Road
        Near Bikanerwala, Bareilly
        Uttar Pradesh 243001

Insolvency Commencement Date: June 12, 2020

Court: National Company Law Tribunal, Noida Bench

Estimated date of closure of
insolvency resolution process: December 9, 2020

Insolvency professional: Abhiman Singh

Interim Resolution
Professional:            Abhiman Singh
                         58-D, Block-B
                         Express View Apartments
                         Sector-105, Noida
                         GautamBudh Nagar
                         UP 201304
                         E-mail: asparihar.pnb@gmail.com

                            - and -

                         Osrik Resolution Private Limited
                         908, 9th Floor, D-Mall
                         Netaji Subhash Place
                         Pitampura, Delhi 110034
                         E-mail: cirp.horizondwellings@gmail.com

Last date for
submission of claims:    June 26, 2020


JET AIRWAYS: To Sell BKC Space to Clear HDFC Dues
-------------------------------------------------
Telegraph India reports that the National Company Law Tribunal
(NCLT) has allowed Jet Airways to sell its premises in Bandra Kurla
Complex (BKC) to settle INR360 crore dues of mortgage lender HDFC,
clear overseas debt and cover corporate insolvency resolution
process costs.

According to Telegraph India, Jet Airways' insolvency resolution
professional Ashish Chhawchharia had moved the NCLT to seek
approval to sell its third and fourth floor in Godrej BKC building
to clear overseas debt and transfer the title of six aircraft under
the Export-Import Bank of the US to the corporate debtor.

Telegraph India relates that the insolvency professional had sought
the permission of the tribunal for the sale of the premises after a
resolution was passed at the 10th committee of creditors (CoC)
meeting held on April 24 with the approval of 74.45 per cent
votes.

The principal bench of NCLT in its order on June 11 granted
permission to the grounded airline to sell the premises and utilise
the proceeds to settle INR360 crore dues of HDFC against the
mortgage lender's claim of INR424 crore, the report says.

The lenders have kept the reserved price of INR490 crore for the
property, it added.

Auction for the same is expected to take place on June 26,
Telegraph India discloses citing sources.

The order further said that the US Exim Bank holds a charge over
six aircraft, of which the cumulative depreciated value is over
$200 million, Telegraph India relays.

"The US Exim bank has agreed that upon the payment of $13 million
(around INR90 crore), it will transfer the title of the six
aircraft to the corporate debtor," the order said.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.  

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

M G F MOTORS: CRISIL Lowers Rating on INR31.50cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of M G F Motors Limited (MGF) to 'CRISIL D' from 'CRISIL B/Stable'.
The downgrade reflects delays by the company in servicing its debt
obligations.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            14        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Inventory Funding      31.50     CRISIL D (Downgraded from
   Facility                         'CRISIL B/Stable')

   Term Loan               6.75     CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating reflects the company's weak financial risk profile. The
weakness is partially offset by the established position in the
auto dealership market for Hyundai Motors India Ltd (HMIL) cars in
Kerala.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile:  The financial risk profile is
constrained by highly leveraged capital structure and weak debt
protection metrics. The company reported large total outside
liabilities to tangible networth (TOLTNW) ratio of 47 times ended
March 31, 2019. On account of large interest cost and pressure on
profitability because of intense competition, interest coverage
ratio was subdued at 0.36 times in fiscal 2019.

Strength
* Established position in the auto dealership market for HMIL cars
in Kerala:  MML has an established market position among HMIL
dealers in Kerala. The company has 20 showrooms, 12 workshops, and
3 warehouses across five districts in Kerala. It operates its
dealerships under the MGF Hyundai brand. MML is the sole dealer for
HMIL spare parts and accessories in Kerala.

Liquidity Poor
The company had a stretch in the liquidity profile. The bank limits
were highly utilized due to working capital intensive operations.
Further, the net cash accruals was insufficient against the
repayment obligations during the period under review. Also, the
current ratio stood at around 0.7 times as on 31st March, 2020.

Rating Sensitivity factors

Upward Factors

* Timely servicing of debt obligation for at least 3 months.

* Improvement in the revenue profile, with EBITDA margin in the
range of 2-3 percent.

MML, set up in 1998, is an authorized dealer for HMIL in Kerala.
The company operates its showrooms under the MGF Hyundai brand.

METRO TECHNOPACK: CRISIL Moves B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Metro
Technopack (MT) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             6.0        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MT for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MT to 'CRISIL B+/Stable Issuer not cooperating'.

Established in 2017, MT is promoted by the Mr Aakash Viramgama and
Varsad Family. The firm, based in Gujarat, is into manufacture
polyethylene/polypropylene woven sacks at its production facilities
in Morbi. It commenced its production in November 2017.

MISHRA POLYPACKS: CRISIL Reaffirms 'B' Rating on INR21cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facility of Mishra Polypacks Private Limited (MPPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           21        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's subdued financial
risk profile, and exposure to risks arising from intense
competition and volatility in steel prices. The rating also takes
into consideration, the extensive experience of the promoters in
the steel trading industry.

Analytical Approach

Unsecured loan of INR2.52 crore, extended by MPPL's promoters as on
March 31, 2020, has been treated as neither debt nor equity.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to volatility in steel prices: Operating
profitability has been volatile in the past and remains exposed to
fluctuation in steel prices. Profitability is also constrained by
the trading nature of business with limited value addition and
exposure to intense competition. Further, any decline in revenue or
stretch in receivables on account of impact of COVID-19 will remain
a key monitoring factor.

* Below-average financial risk profile: Financial risk profile is
marked by a small networth and high total outside liabilities to
tangible networth ratio of INR4.6 crore and 5.4 times, estimated
respectively, as on March 31, 2020. Interest coverage ratio is also
expected to be modest at about 1.2-1.3 times over the medium term.

Strength:

* Extensive experience of the promoters in the steel products
trading business: The two-decade-long experience of the promoters,
in the steel trading business, their strong understanding of local
market dynamics and healthy relationships with customers and
suppliers, will continue to support the business risk profile.
Longstanding presence enables the promoters to anticipate price
trends and calibrate purchasing and stocking decisions.

Liquidity Stretched

Liquidity remains stretched, marked by low cash accrual and high
bank limit utilisation. Expected cash accrual is about INR50-60
lakhs per annum, in fiscals 2021 and 2022 against which the
maturing term debt is negligible. Bank limit utilisation averaged
97% over the 12 months through April 2020.

Outlook: Stable

CRISIL believes MPPL will continue to benefit from the extensive
experience of its promoters.

Rating Sensitivity factors

Upward factors

* Reduction in gearing ratio to under 3 times and increase in
interest coverage ratio to over 1.5 times.

* Sustained improvement in operating margin resulting in higher net
cash accrual

Downward factors

* Decline in operating margin below 1.4 percent

* Further stretch in working capital cycle, led by higher
receivables or pile-up of inventory, thus constraining liquidity.

MPPL was set up in 1994, by the promoter, Mr Sushil Kumar Mishra.
The company manufactures polypropylene (PP) bags at its facility in
Hyderabad. It also trades in various steel products, through
warehouses across Hyderabad, Bhagalpur and Kurnool.

NECCO TOOLS: CRISIL Downgrades Rating on INR5.5cr Term Loan to B+
-----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Necco Tools
(NT) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             4.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Term Loan             5.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with NT for obtaining
information through letters and emails dated May 8, 2020 and May
13, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of NT revised to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

Chennai-based NT was established in 1981 by Mr K Nelson. The firm
manufactures sheet metal components (press tools, gauges) and
automobile components used in electrical and automobile industries.

PARSOLI MOTOR: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Parsoli Motor Works Private Limited

        Registered and Corporate office:
        B-7, 4th Floor, Shalimar Complex
        Mahalaxmi, Paldi
        Ahemdabad Gujarat 380007

Insolvency Commencement Date: June 4, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: December 1, 2020

Insolvency professional: Anish Niranjan Nanavaty

Interim Resolution
Professional:            Anish Niranjan Nanavaty
                         2A/208, Raheja Classique
                         New Link Road, Andheri (W)
                         Mumbai 400053
                         E-mail: anish.nanavaty.irp@gmail.com

                            - and -

                         Deloitte Touche Tohmatsu India LLP
                         Indiabulls Finance Centre
                         Tower 3, 27th Floor
                         Senapati Bapat Marg
                         Elphinstone Road (West)
                         Mumbai 400013
                         E-mail: inpmwplip@deloitte.com

Last date for
submission of claims:    June 22, 2020


SHIVANTIKA BON: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shivantika Bon Voyage Private Limited

        Registered office:
        202, 2nd Floor, Naurang House
        21 K.G. Marg
        New Delhi 110001

Insolvency Commencement Date: June 12, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 13, 2020
                               (180 days from commencement)

Insolvency professional: Satish Kumar Mathur

Interim Resolution
Professional:            Satish Kumar Mathur
                         Flat No. 803 A
                         Plot No. 27
                         New Jyoti Society
                         Sector 4, Dwarka
                         New Delhi 110078
                         E-mail: mathursk1255@gmail.com
                                 cirp.sbvpl@gmail.com

Last date for
submission of claims:    June 30, 2020


SHIVSWATI ENTERPRISES: CARE Lowers Rating on INR5.85cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shivswati Enterprises Private Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       5.85       CARE D; Issuer not cooperating;
                                   Revised from CARE B; Stable;
                                   on best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 1, 2019 placed the
rating of Shivswati Enterprises Private Limited under the 'issuer
non-cooperating' category as Shivswati Enterprises Private Limited
had failed to provide information for monitoring of the rating.
Shivswati Enterprises Private Limited continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted with banker
due to non-cooperation by Shivswati Enterprises Private Limited
with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

Further, the rating factors in the ongoing delays in debt
servicing, declining scale of operations, leveraged capital
structure and coverage indicators and poor liquidity position.

Detailed description of the key rating drivers

At the time of last rating on March 26, 2019, the following were
the rating strengths and weaknesses (Updated with information from
MCA):

Key Rating Weaknesses

* Ongoing delay in debt servicing:  There have been delays in debt
servicing of term loan on account of stressed liquidity position.

* Declining scale of operations:  The scale of operations remained
small and declining marked by a total operating income and gross
cash accruals of INR9.42 crore and INR0.22 crore respectively
during FY19. Further, the company's net worth base stood weak at
INR1.78 crore as on March 31, 2019. The small scale limits the
company's financial flexibility in times of stress and deprives it
of scale benefits.

* Leveraged capital structure and coverage indicators:  The capital
structure of the company marked by overall gearing ratio stood weak
at around 5.70x as on March 31, 2019, mainly on account of high
debt levels against net worth position. Further owing to weak
profitability and high debt levels, the coverage indicators marked
by interest coverage ratio and total debt to GCA stood weak at
1.25x and 45.37 years respectively for FY19.

* Poor liquidity position:  Poor liquidity marked by lower accruals
at INR0.22 crore in FY19 when compared to debt levels of INR10.15
crore and low cash balance of INR0.45 crore in FY19. This could
constrain the ability of the company to repay its debt obligations
on a timely basis.

Incorporated with the name Shiv Swati Enterprises Private Limited
on August 29, 1988 which was later merged on June 30, 2016 with
Pragati Industries (Proprietorship firm) as private Limited Company
and named as Shivswati Enterprises Private Limited (SEPL). The
company is currently being managed by Patodia family with Ms.
AastaPatodia and Mr. NayanPatodia as directors of the company. The
company is engaged in trading & manufacturing of Chandelier Lights
and Metal Components and the product find its application in
electrical and defence industry. The manufacturing facility of the
company is located at Greater Noida and Sahibabad and registered
office located at Delhi.

SPES HOSPITAL: CARE Keeps D INR5.83cr LT Debt Rating in Not Coop.
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SPES
Hospital continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       5.83       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 28, 2019, placed the
rating of SPES Hospital under the 'issuer non-cooperating' category
as SPES Hospital had failed to provide information for monitoring
of the rating. SPES Hospital continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated May 8, 2020, May 6, 2020, May
5, 2020 and May 4, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating in February 4, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in
servicing the debt obligations. The delays are on account of weak
liquidity position as the firm has incurred net losses in the past
leading to erosion of net worth base.

SPES Hospital was established in November 2014 as a partnership
firm by Dr. Rakesh, Dr. Manoj and Mr. Manjeet Singh. It is located
in Bhiwani, Haryana with capacity of 100 beds. The operations of
the hospital commenced from December 2015. The hospital covers all
the basic departments, such as neurology, cardiology, general
surgery, ortho, plastic surgery, pediatrics, xray, medicine,
Ear-Nose-Throat (ENT), Maternity Gynecology, plastic surgery,
trauma centre, etc. The hospital is also associated with third
party insurance companies.

SRI MADAN GOPAL: CRISIL Lowers Rating on INR6cr Loan to 'D'
-----------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of Sri
Madan Gopal Bhikam Chand Marketing Private Limited (MGB), as:

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

   Foreign Bill           6         CRISIL D (ISSUER NOT
   Purchase                         COOPERATING; Downgraded from
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

   Packing Credit         4         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with MGB for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MGB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MGB is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of MGB is migrated to 'CRISIL D/CRISIL D Issuer Not
Cooperating' as It was recently brought to CRISIL's attention that
there were delays in servicing maturing debt obligation by the
company which pertains to before March 2020.

MGB, incorporated in 2006, is promoted by Mr. Rajesh Mall and is
based in Jaipur. It trades in and exports agricultural products,
such as spices, animal feeds, and herbs. It also trades in lac,
used in bangles and paints, in the domestic market. Its directors
are Mr. Rajesh Mall and Mrs. Kusum Mall.

SUMANGLAM IMPEX: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Sumanglam Impex Pvt Ltd
        Khasra No. 545
        Village & PO Tikri Kalam
        Delhi 110041

Insolvency Commencement Date: June 2, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: November 29, 2020

Insolvency professional: Amit Agrawal

Interim Resolution
Professional:            Amit Agrawal
                         H-63, Vijay Chowk
                         Laxmi Nagar
                         Delhi 110092
                         E-mail: amitagcs@gmail.com
                                 sumanglamimpex.cirp@gmail.com

Last date for
submission of claims:    June 18, 2020


SUNSHINE LIQUID: CARE Cuts INR16.50cr Loan Rating to C, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sunshine Liquid Storage Private Limited (SLSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       16.50      CARE C; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 20, 2019, placed the
rating(s) of SLSPL under the 'issuer non-cooperating' category as
SLSPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SLSPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 21, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating has been revised on account of weak financial profile in
FY19 and the same has deteriorated over FY18. CARE also views
information availability risk as a key factor in its assessment of
credit risk.

Detailed description of the key rating drivers

At the time of last rating on March 20, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Weak financial risk profile: The overall financial risk profile
of the company deteriorated and remained weak in FY19 marked by
very low TOI of INR1.06 crore as against the same company has
incurred operating and net loss worth INR0.66 crore and INR3.92
crore during FY19 respectively. Moreover, the gearing level of the
company remained distressed owing to eroded tangible networth as on
March 31, 2019. The liquidity position also remained weak marked by
stretched creditors.

* Project execution and stabilization risk: SLSPL has undertaken
the project to construct 41 storage tanks at a total cost of
INR30.90 crore, which would be funded through promoter's
contribution amounting to INR14.90 crore and balance through term
loan, sanctioned (INR16 crore) and partly disbursed (INR11.99
crore). Out of the total projected cost, a total cost of INR24.85
crore has been incurred till December 8, 2017 which was funded
through promoter's contribution and term loan.

* Volatility in raw material prices: The key raw material for SLSPL
is steel whose prices are volatile in nature on account of demand
and supply factor. Thus the fluctuating prices for raw materials
shall be critical as it can affect production capacity to construct
storage tanks.

* Presence in competitive nature of industry: SLSPL is engaged into
oil industry which is highly fragmented with a high level of
competition from both the organized and largely unorganized sector,
along with the susceptibility of margins to volatile raw material
prices.

Key Rating Strengths

* Experienced and resourceful promoters with strong group support:
Incorporated in January 2011, SLSPL is part of group company namely
Mahesh Oil Industry established in 2014 engaged in refinery of
edible oil, Sunshine Enterprises established in 2012 engaged in
warehousing business and SRW Corporation & Shree Ramdev Weighbridge
established in 2002 which is engaged in the business of warehousing
and transportation of oils. The group with its long track of
operation in the oil transportation/warehousing industry has
developed established relationship with customers in the area of
Deendayal Port (formerly known as Kandla Port), Gujarat. Thus SLSPL
derives huge operational and financial synergies owing to same
management coupled with the group's presence in the oil industry
since last 15 years.

* Strategic location of plant: SLSPL's primarily raw material is
steel purchased from domestic suppliers, thus it shall benefit from
the plant being located at Deendayal Port (formerly known as Kandla
Port) area, Gujarat resulting in lower transportation cost and
further benefitted by promoters' established relations with
suppliers.Also being located in Deendayal Port (formerly known as
Kandla Port), Gujarat, all the basic infrastructural facilities
viz. power, labour and transportation are readily available.

Incorporated in January 2011, Sunshine Liquid Storage Private
Limited (SLSPL) is engaged in the business of renting of liquid
storage tanks. The company will provide these storage tanks to oil
refining companies and to its group companies. Almost 50% will be
consumed by its group companies which are dealing in same line.
SLSPL was incorporated in 2011 but the construction for storage
tanks commenced from May 2016 as there was delay in the release of
the tender by the Kandala port trust authorities. The entire
project is estimated to be completed in September 2018.

SWASTIK COAL: CARE Keeps 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Swastik
Coal Corporation Private Limited (SCCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       55.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short term Bank     320.00      CARE D; Issuer not cooperating;

   Facilities                      Based on best available
                                   Information


Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated May 30, 2019, reviewed the
ratings of SCCPL under the 'Issuer Non-cooperating' category as the
company had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SCCPL continues to
be non-cooperative despite requests for submission of information
through e-mails, phone calls and a letter/e-mail dated May 14,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on May 30, 2019, the following were the
rating weaknesses (updated based on best available information i.e.
FY19 results from MCA and banker interaction):

Key Rating Weaknesses

* Ongoing delays in debt servicing: As per interaction with the
banker there are ongoing delays in debt servicing owing to
the stretched liquidity and weak financial profile of the company.

Analytical approach: Combined

Swastik group includes three companies operating in similar line of
coal trading & transport businesses viz. SCCPL, Arka Carbon Fuels
Pvt. Ltd. (ACFPL) & Shree Ganpatlal Onkarlal Agarwal & Co. (SGOAC).
Until FY16 we had taken a combined approach for the three entities
to arrive at ratings of SCCPL, ACFPL & SGOAC due to common
promoters & management and strong operational & financial linkages
among the group companies in coal trading business. Subsequently
the outstanding rating of SGOAC (CARE B; Stable) were withdrawn on
February 15, 2018 based on NOC received from the banker.

SGOAC being a proprietorship firm, financial information for the
entity is available only till FY16 thus from FY17 onwards a
combined approach of two entities, SCCPL and ACFPL, has been
considered.

SCCPL is a flagship company of Swastik group and Mr. Vishnu Prasad
Jindal is the founder promoter of the company. SCCPL imports its
coal requirement directly or through merchant importers in India
and supplies it to the domestic market for usage by various
industries like cement, captive power plants, steel and bricks.
SCCPL is also engaged in trading of domestic coal purchased through
e-auction route from Coal India Ltd. and its subsidiaries. SG,
based out of Indore, Madhya Pradesh, is primarily involved in the
business of coal trading. The group has presence of more than two
decades with interests in diversified businesses including coal
trading, logistics, construction and real estate.

T. R. POLYPET: CRISIL Assigns 'D' Rating to INR5.98cr Demand Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities of
T. R. Polypet Industries (TRPI).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit &         5.98       CRISIL D (Assigned)
   Working Capital
   demand loan           

The rating reflects TRPI's poor liquidity, small scale of operation
and weak financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoter and his
established relationships with customers and suppliers.

Key Rating Drivers & Detailed Description

* Delay in servicing of debt and bank limit overutilization: The
firm has delayed repayment on its term debt and also overutilized
the cash credit limit for more than 30 days on a continual basis
for the past 1 year because of poor liquidity.

Weaknesses

* Small scale of operation:  TRPIs business risk profile is
constrained by its small scale of operation in the intensely
competitive Packaging - Metal, Plastic and Glass industry. It has
booked revenue of only Rs. 8.49 crore in fiscal year 2019.
Moreover, the revenue is expected to decline substantially to
around INR1.5 crore in fiscal 2020. TRPIs small scale of operation
will continue to limit its operating flexibility.

* Weak financial risk profile:  Net worth is estimated to be low at
INR1.86 crore, resulting in a weak financial risk profile with
estimated high gearing of 3.11 times as on March 31, 2020.
Moreover, the debt protection metrics are also weak with estimated
interest coverage and net cash accrual to total debt ratios of 0.07
time and (0.09) time respectively in fiscal 2020.

Strength

* Extensive industry experience of the promoter:  The promoter has
an experience of over 10 years in Packaging - Metal, Plastic and
Glass industry. This has given him an understanding of the dynamics
of the market, and enabled him to establish strong relationships
with suppliers and customers.

Liquidity Poor
Poor liquidity has caused delays in servicing the term debt, and
overutilization of the bank limit. Bank limit utilisation was high
at 102% averaged over the 11 months through January 2020. Current
ratio is estimated to be low at 0.95 times as on March 31, 2020.

Rating Sensitivity Factors

Upward Factors

* Track record of timely debt servicing for at least 90 days post
moratorium

* Improvement in liquidity.

TRPI is a Lucknow (Uttar Pradesh) based proprietorship firm
established in 2009 by Mr Chandra Shekhar Verma. The firm is
engaged in manufacturing of pet preform and jar which are used in
the packaging industry.

TECHNO SAT: CRISIL Lowers Rating on INR25cr New Term Loan to D
--------------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of Techno
Sat Comm (India) Private Limited (TSCIPL), as:

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            14        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash           5        CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING; Downgraded from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Non            6.1      CRISIL D (ISSUER NOT  
   Fund based limits                COOPERATING; Downgraded from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Proposed Term Loan     25        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with TSCIPL for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 2019 and January 14, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TSCIPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for TSCIPL
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower.

CRISIL has downgraded its ratings on the bank loan facilities of
TSCIPL to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating' on as there have been
instances of delays in servicing of term debt obligations as well
as instances of devolved non-fund based facilities remaining unpaid
for more than 30 days.

Mumbai based TSCIPL, established in 2008, provides system
integration services such as networking and IT services, setting up
of surveillance, Wi-Fi solutions, Internet Protocol-based paging
systems, and interactive TV. The company has won a 10-year contract
from DMRC to provide free Wi-Fi on all its routes.

UDAY AUTOLINK: CRISIL Lowers Rating on INR24.8cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded the rating on the long-term bank facility of
the Uday Autolink Private Limited (UAPL) to 'CRISIL D; Issuer not
cooperating' from 'CRISIL C; Issuer not cooperating.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Drop Line            8         CRISIL D (ISSUER NOT
   Overdraft                      COOPERATING; Downgraded from
   Facility                       'CRISIL C ISSUER NOT
                                  COOPERATING')

   Electronic           6         CRISIL D (ISSUER NOT
   Dealer Financing               COOPERATING; Downgraded from
   Scheme(e-DFS)                  'CRISIL C ISSUER NOT
                                  COOPERATING')

   Term Loan           24.8       CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL C ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with UAPL for obtaining
information through letters and emails dated May 31, 2019, November
15, 2019 and June 2, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

Investors, lenders, and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as they are arrived at without any management
interaction and are based on best available or limited or dated
information on the entity.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of the UAPL. This restricts CRISIL's ability to
take a forward looking view on the entity's credit quality. CRISIL
believes information available on UAPL is consistent with 'Scenario
1' outlined in the 'Framework for Assessing Consistency of
Information with 'CRISIL BB' rating category or lower'.

Based on the publicly available information, CRISIL has downgraded
the rating on the long-term bank facility of the UAPL to 'CRISIL D;
Issuer not cooperating' from 'CRISIL C; Issuer not cooperating.

UAPL set up in 2012, is an authorised dealer for Maruti Suzuki
India Ltd (MSIL). UAPL operates a 50,000-square-foot sales,
services and spares (3S) showroom in eastern Ahmedabad. The
operations are managed by the promoters, Mr. Uday Bhatt, his
brother, Mr. Nilesh Bhatt, and son, Mr. Hemant Bhatt.

UMESH MINERAL: CRISIL Assigns B+ Rating to INR4.9cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Umesh Mineral Industries Private Limited
(UMIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.9       CRISIL B+/Stable (Assigned)

   Proposed Fund-         1.6       CRISIL B+/Stable (Assigned)
   Based Bank Limits      

The rating reflects UMIPL's presence in a highly fragmented
industry with limited size, working capital intensive operations
and weak financial profile. These weaknesses are partially offset
by its extensive industry experience of the promoters

Key Rating Drivers & Detailed Description

Weaknesses:

* Presence in a highly fragmented industry with limited size: The
industry is highly fragmented and competitive, with a large number
of unorganised players in the market. Such high fragmentation
limits the pricing flexibility and bargaining power of the players.
Also, the threat from large integrated players in the form of
capacity additions limits the growth. The industry is exposed to
the risk low entry barriers. The small initial investment and the
low complexity of operations have resulted in existence of
innumerable entities, much smaller in size, leading to significant
fragmentation.

* Working capital intensive operations: Its large working capital
requirements marked by GCA of 343 days as on March 31, 2019. Large
working capital arises from its high debtor and inventory levels.
It is required to extend long credit period. Furthermore, due to
its business need, it hold large work in process & inventory.

* Weak financial profile: UMIPL's debt protection measures have
also been at weak level in past due to high gearing of 4.72 and low
accruals from the operations. The interest coverage and net cash
accrual to total debt (NCATD) ratio are at 0.75 times and 0.0 times
for fiscal 2019. UMIPL debt protection measures are expected to
remain at similar level with high debt levels.

Strength:

* Extensive experience of the promoters: Benefits from the
promoters 2 decade-long experience in the industry and established
relationships with customers should support business.

Liquidity Stretched
Cash accruals are expected to be over INR0.20 cr which are
sufficient against no term debt obligation. BLU remains highly
utilised at 90%over the last six months ended in March 2020.

Outlook: Stable

Cash accrual are expected to be over INR0.20 cr which are
sufficient against no term debt obligation. BLU remains highly
utilised at 90%over the last six months ended in March 2020.

Rating Sensitivity factors

Upward factors  

* Improvement in margins and increase in scale by 20%, leading to
higher cash accruals.

* Improvement in working capital cycle

Downward factors

* Decline in scale of operations leading to fall in revenue by 20
percent and profitability margin, hence leading to lower net cash
accrual.

* Large debt-funded capital expenditure weakens capital structure
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

Incorporated in 1988, UMIPL is engaged in processing and grinding
of minerals (soapstone, limestone and dolomite). It is based of
Kolkata and its day to day operations are manage by Umesh Kedia and
family.

UNIQUE MALLS: CRISIL Lowers Rating on INR187.5cr LT Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term facility of
Unique Malls Private Limited (UMPL) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       187.5       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects the weakening credit risk profiles of UMPL's
tenants, which are also its group companies, with financial
flexibility of the promoter group expected to remain constrained.

The rating action also takes into account the heightened
uncertainty regarding the collection of lease rentals due to the
nationwide lockdown to contain the spread of Covid-19. The
precautionary steps by the central and state governments include
temporary closure of non-critical establishments, including malls.
The central government has relaxed the lockdown norms to some
extent.  Further revocation will be contingent upon any further
directive from the government and the extent of the spread of the
pandemic. Prolonged closure could weaken the credit risk profile of
the group. On the other hand, faster reversal to normalcy may
contain the extent of deterioration likely in the credit quality.
That said, ability to resume operational stability will be closely
monitored.

The rating reflects the company's weak financial risk profile, and
susceptibility to vacancy risk and fluctuations in interest rate.
The weaknesses are partially offset by the substantial operational
and financial support that UMPL receives from the Future group and
the extensive experience of its promoters in managing retail
spaces.

Analytical Approach

CRISIL has considered the standalone business and financial risk
profiles of UMPL as there is no financial fungibility between UMPL
and other Future group companies, but has factored in the financial
and operational support UMPL receives from the Future group on an
ongoing basis.

Unsecured loan from the promotors have been treated as equity as
they are non-interest bearing.

Key Rating Drivers & Detailed Description

Weaknesses

* Weakening credit risk profile of tenants:  UMPL has leased out
majority of its leasable area to entities of the Future group. The
credit risk profiles of the tenants have weakened in the wake of
the Covid-19 pandemic, resulting in UMPL not receiving any rental
income for March, and may lead to instability and mismatch in
future cash flow. UMPL has availed of the 3-month moratorium
provided by the Reserve Bank of India to tide over the temporary
cash flow mismatch.

* Weak financial risk profile: Stretched debt protection metrics,
weak capital structure, ballooning repayment, and unpredictability
of cash flow constrain the financial risk profile. Although revenue
had increased with full occupancy and expected pick-up in
out-of-home media advertising revenue in malls, cash flow is
expected to remain inadequate to meet debt obligation over the
medium term. The company has no plan to take up any new malls for
refurbishment in the near term.

* Susceptibility to vacancy risk and fluctuations in interest rate:
Lease rental is the major source of revenue for UMPL, leading to
exposure to vacancy risk in any of its malls. However, the risk is
mitigated as majority of the tenants are Future group companies.
The interest rate on debt is floating, rendering the company
susceptible to fluctuations in the interest rate.

Strengths

* Substantial operational and financial support from the Future
group:  As part of the Future group, UMPL receives significant
financial and operational support from the group. CRISIL believes
the Future group will provide timely need-based financial support
to UMPL, especially as the latter's bank loans carry a corporate
guarantee from its parent, Future Market Networks Ltd (FMNL), as
well as personal guarantees from its promoters and members of the
Biyani family. Furthermore, FMNL has extended timely financial
support to meet UMPL's debt obligation and capital expenditure
(capex). The extent of support will be a key rating monitorable.

* Extensive experience of the promoters:  The Future group has
established itself in the Indian retail sector, managing 16 million
square feet (sq ft) of retail space in more than 95 cities and
towns, in both the value and lifestyle retail formats. Over 10
million sq ft is under Future Retail Ltd (FRL) and more than 3
million sq ft under Future Lifestyle Fashions Ltd (FLFL). The
Future group's extensive experience should support the business.

Liquidity Stretched

Liquidity is stretched, as operating cash flow remains weak against
upcoming debt obligation. The company does not have significant
liquidity available and has no debt service reserve account (DSRA).
The promoters are likely to offer need-based and timely funding
support, especially as UMPL's bank loans carry a corporate
guarantee from its parent FMNL, and personal guarantees from its
promoters, members of the Biyani family.

Outlook: Stable

CRISIL believes UMPL's credit profile will remain constrained due
to its dependence on group entities.

Rating sensitivity factors

Upward factors:

* Increase in rental income by 10% and timely receipt of rental
income

* Improvement in business risk profile with better profitability
and timely financial support from promoters or group companies

Downward factors

* More than 10% decline in rental cash flow

* Non receipt of timely financial support from the promoters or
group companies

UMPL was incorporated in August 2005 by the promoters of the Future
group to focus on mall management, for management and development
of space for out-of-home media, and for supporting the group's
retail businesses. The company is held entirely by the Future group
through FMNL and nine other entities. FMNL, through its 37.65%
shareholding, has de facto control of UMPL.

UNITED FREIGHT: CRISIL Migrates B Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of United Freight
Carriers Private Limited (UFCPL) to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         2        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            2.3      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     2        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with UFCPL for obtaining
information through letters and emails dated May 18, 2020 and May
23, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of UFCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on UFCPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of UFCPL to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

UFCPL, incorporated in 2000 by Mr. P Mohandas, is engaged in the
business of material handling and transportation, primarily for
steel companies. The company is based out of Vishakhapatnam, Andhra
Pradesh.

VENKATESH ASSOCIATES: CARE Cuts INR20cr Loan Rating to C, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Venkatesh Associates (VA), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        20.00     CARE C; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 27, 2019, placed
the rating of VA under the 'issuer non-cooperating' category as VA
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. VA continues to be
non-cooperative despite repeated requests for submission of
information through numerous phone calls and emails dated April 17,
2020, April 24, 2020, May 5, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in the rating assigned to the bank facilities of VA
takes into account no due-diligence conducted and non-availability
of information due to non-cooperation by VA with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.

Detailed description of the key rating drivers

At the time of last rating on February 27, 2019 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Project execution risk due to high dependence on customer
advances: The project is heavily dependent on customer advances as
it is assumed to fund 44% of the total project cost. However, the
debt has been tied up for the projects. Moreover, the customer
advance to be receivable covers about ~25% of the balance
construction cost and total debt. Furthermore, the firm has sold
around 46% of the total saleable area and has received
INR35.75crore as customer advances. The project under the name 'Oxy
Primo' has been recently completed in October 2017.

* Presence in competitive and cyclical real estate industry: The
firm is exposed to the cyclicality associated with the real estate
sector which has direct linkage with the general macroeconomic
scenario, interest rates and level of disposable income available
with individuals. The real estate industry in India is highly
fragmented with most of the real estate developers having
region-specific presence.

* Partnership nature of constitution: VA's constitution as a
partnership firm restricts its access to external borrowing owing
to its partnership nature of constitution.. Furthermore, the firm
is exposed to inherent risk of partners' capital being withdrawn at
time of personal contingency. This limits the financial flexibility
of the firm.

Key Rating Strengths

* Experienced promoter group in real estate development in Pune
resulting in marketing advantage: VA is a part of Venkatesh Oxy
Group which is one of the established real estate groups of Pune
and has been engaged in real estate business since past more than a
decade. The group has developed six residential projects with an
area of 9.35 lsf. Moreover, VA has a marketing advantage due to
strong presence of its group projects in the same vicinity and
hence reducing the risk of project execution and selling to some
extent.

* Receipt of approvals and clearance for the project coupled with
moderate booking status: VA has received all the necessary
clearances and approvals for the projects, related to land
acquisition and construction. Commencement certificate from the
Pune Municipal Corporation has been received. Furthermore, the said
land has also been converted to non-agriculture use and
environmental clearance for the project has also been obtained.
Further, the firm has sold 1.08lsf for its two on- going projects
and has already received ~81% of the customer advances from the
sold area. Furthermore, 71% of the total area sold has been
registered thereby mitigating the cancellation risk to an extent
Strategic location of the project: The project has a strategic
location being situated in one of the established localities of
Pune at Wagholi Road which is around 16-17 kilometers from the
centre of Pune. In addition, the project has easy access to basic
civic amenities such as schools, hospitals, colleges, malls,
situated close by and has close proximity to Kharadi IT Park, Pune
International Airport and Pune railway station.

VA is a partnership firm (SPV) formed on August 7, 2012 and belongs
to Venkatesh Oxy Group. Currently, VA is developing two residential
projects named 'Venkatesh Oxy Evolve', and 'Venkatesh Oxy Desire'
with a total saleable area of 2.34lakh square feet (lsf), situated
at Wagholi (Pune).



=========
J A P A N
=========

MITSUBISHI MOTORS: Top Executives to Take Pay Cuts
--------------------------------------------------
The Japan Times reports that Mitsubishi Motors told its
shareholders June 18 that its top executives are taking pay cuts to
share responsibility for the automaker's financial losses.

"I hope we can gain your understanding," Chief Executive Takao Kato
said on how, given the harsh conditions, there will be no
dividends, the report relays.

Like other automakers, Mitsubishi Motors Corp. has seen its sales
plunge amid the coronavirus pandemic. It reported a ¥25.8 billion
($241 million) loss for the fiscal year ended in March, the report
discloses.

According to the report, the Tokyo-based maker of the Outlander SUV
and i-MiEV electric car has not given a projection for the current
fiscal year because of uncertainties about the outbreak.

Kato, wearing a mask like other participants, acknowledged the
situation remained difficult.

The Japan Times relates that the meeting, which lasted about a half
hour, was streamed online. Stock owners were asked not to come to
the meeting because of the outbreak. Only 30 seats were provided,
placed apart for social distancing.

Kato said the executives' pay cuts amount to about 45 percent of
their overall pay by lowering salaries and foregoing
performance-linked bonus pay, The Japan Times relays.

Mitsubishi Motors is part of an alliance involving bigger automaker
Nissan Motor Co. and Renault of France, the report notes. The
alliance has been embattled by the scandal of its former chief,
Carlos Ghosn, who was arrested in 2018 on financial misconduct
allegations. Mr. Ghosn has steadfastly maintained his innocence.

While out on bail, Mr. Ghosn fled to Lebanon. Although the trial is
in limbo, the scandal has tarnished the companies' brand image and
raised questions about the future of the three-way alliance, the
report notes.

                      About Mitsubishi Motors

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial machines.
It is also engaged in the checking and maintenance of new vehicles,
as well as the provision of automobile sales
financing and leasing services.

As reported in the Troubled Company Reporter-Asia Pacific on March
27, 2020, S&P Global Ratings said that it has placed its 'BB+'
long-term issuer credit rating on Mitsubishi Motors Corp. on
CreditWatch with negative implications. S&P said, "The CreditWatch
placement reflects our view that the company's EBITDA margin will
face considerable pressure due to the rapid deterioration of
business conditions caused by the COVID-19 pandemic. We believe the
company's EBITDA margin could decline further, reaching a level
that is not commensurate with the rating, given the expected very
weak car sales in key markets, possible disruption to global supply
chains, and the risk of volatile foreign exchange rates."




=====================
N E W   Z E A L A N D
=====================

TAURANGA CITY: Mayor Says City Council is Insolvent
---------------------------------------------------
Matt Shand at Stuff.co.nz report that if Tauranga City Council was
a company it would be insolvent, Mayor Tenby Powell said.

Mr. Powell comments came ahead of the council agreeing to adopt the
draft annual plan for consultation which would see a rates rise of
4.7 per cent, Stuff says.

Prior to COVID-19, Mr. Powell had spoken of the need to increase
rates by 12.6 per cent to "stop kicking the debt can down the road"
for future generations.

"We're insolvent. If we were a business we would be calling the
receivers now."

According to Stuff, the draft annual plan was revised following the
COVID-19 lockdown to soften the proposed 12.6 per cent rates
increase agreed to consult on in March.

Stuff says the revised annually plan identified areas that could be
cut back and settled on a NZD244 million capital programme at a 4.7
per cent rates rise.

Stuff relates that Mr. Powell said the city has an opportunity to
bounce back from COVID-19 if it can get funding for shovel-ready
projects and take advantage of central government funding.

"Central Government has been clear if you don't pony up the money
will walk. I'm not going to fight this instruction."

The plan passed unanimously on June 16, the report notes.



=================
S I N G A P O R E
=================

EZION HOLDINGS: Units' Winding-Up Hearings Pushed Back Again
------------------------------------------------------------
Annabeth Leow at The Business Times reports that High Court
hearings for the winding-up applications against two Ezion Holdings
subsidiaries have been adjourned to July 3, the troubled liftboat
operator's board said on June 16.

BT relates that Whitesea Shipping & Supply (LLC) had applied
earlier this year to wind up Ezion's wholly-owned Teras Conquest 3
and Teras Conquest 5 units.

But the hearings, initially scheduled for April 17, were pushed
back to June 12 in light of Singapore's "circuit breaker" or
quasi-lockdown aimed at breaking the chain of infection of the
coronavirus, BT relays.

In the wake of the latest adjournment, the Ezion board said that
the company "will keep its shareholders informed of any material
developments and make the necessary announcements".

"Although the company's shares are currently under voluntary
suspension, shareholders, securityholders and investors are advised
to read this announcement and any past and future announcements by
the company carefully when dealing with the shares and securities
of the company," the directors added in their statement.

Trading in Ezion shares was suspended in March 2019, the report
notes.

Singapore-based Ezion Holdings Limited --
http://www.ezionholdings.com/-- engages in investment holding and
provision of management services. The Company, along with its
subsidiaries, specializes in the development, ownership and
chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the oil
and gas industry; Exploration and development support, which is
engaged in owning, chartering and management of rigs and vessels
involved in the exploration and development phase of the oil and
gas industry, and Others, which includes assets or investments
involved in renewable energy and other oil and gas related
industry. The Company owns a fleet of multipurpose self-propelled
service rigs. It owns a fleet of service rigs in Southeast Asia for
use in offshore oil and gas industry, and  offshore wind farm
industry.


HIN LEONG: Winson Seeks $30MM from Standard Chartered Singapore
---------------------------------------------------------------
Reuters reports that Winson Oil Trading Pte Ltd has started legal
proceedings against Standard Chartered Bank (Singapore) Ltd to
claim at least $30.4 million in payment for a diesel cargo it sold
to Hin Leong Trading Pte Ltd, court documents showed.

According to Reuters, the case is among several disputes between
counterparties of Hin Leong and banks on payment issues arising
from oil deals with the Singapore-based trader, which has been
placed under judicial management to restructure billions of dollars
of debt.

Reuters, citing publicly available court documents, discloses that
Winson Oil sold an ultra-low sulphur diesel cargo to Hin Leong and
had received a letter of credit (LC) from Standard Chartered on
April 2, a common financial structure in oil dealings.

Winson Oil presented the LC to Standard Chartered via Credit
Agricole Corporate and Investment Bank but Standard Chartered did
not make the payment, due in May, Winson Oil said in the documents,
Reuters relays.

Winson is also seeking damages, interest and costs from Standard
Chartered, adds Reuters.

                          About Hin Leong

Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services. Hin Leong Trading serves
customers globally.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, according
to the people, who asked not to be identified as the matter is
sensitive, according to Bloomberg News.

But Hin Leong told its creditors this month that total liabilities
reached US$4.05 billion as of early April, while assets were just
US$714 million, leaving a hole of at least US$3.34 billion,
according to screenshots of the presentation to a group of bankers
seen by Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, the Company was granted interim judicial management by
the the Singapore High Court.  Goh Thien Phong and Chan Kheng Tek
of PricewaterhouseCoopers Advisory Services (PwC) have been
appointed as interim judicial managers.


HYFLUX LTD: Lock Horns with Utico Over Deadline for Rescue Deal
---------------------------------------------------------------
Annabeth Leow at The Business Times reports that Hyflux Ltd and
one-time white knight Utico are at odds over whether last year's
restructuring agreement is still on the table, going by
correspondence between the two parties released by Hyflux on June
16.

According to BT, Hyflux had sought "Utico's urgent clarification"
on whether Utico meant that its revised rescue offer was open for
acceptance until June 30, or whether its revised offer was that the
long-stop date under last year's agreement was extended until that
date.

BT relates that Mr. Menezes, chief executive of Emirati utilities
group Utico, wrote in an e-mail dated June 16 that the
restructuring agreement from last November, which was to have
expired at its long-stop date on May 26, was extended by a revised
offer that Utico gave Hyflux in May and June.

Under the revised offer, Utico wants to tweak the terms of its
rescue deal -- including having all of Hyflux's creditors take
payment in Utico and Hyflux shares, rather than in cash, the report
says.

An extension of the revised offer's stipulated deadline of June 30
"can be considered after Hyflux board acceptance and creditors
statement that they are 'open' for engagement to consider this
proposition (sic)", BT quotes Mr. Menezes as saying in his e-mail
to Hyflux.

Among other clarifications, he also said Utico will set the
threshold at SGD10,000 for "small investors" holding preference
shares and perpetual securities (P&P), after Hyflux raised
questions on issues such as Utico's payment plans for P&P holders,
the report relays.

That is even as Hyflux independent director Lau Wing Tat, who heads
the risk-management committee, stated in a letter to Mr. Menezes on
June 15 the company's position that the restructuring agreement
"has ipso facto ceased and determined" already, BT says.

Though he told Mr. Menezes that Hyflux is still weighing Utico's
revised offer, he also flagged coronavirus pandemic-related
restrictions in Singapore that would preclude any physical scheme
meetings needed to approve the revised offer.

Any extension must thus be longer than June 30, Mr. Lau added.

BT adds that the board has now said Hyflux "is considering the
content" of the latest e-mail from Mr. Menezes "and will be
obtaining input from stakeholders on the same".

"The company will make the appropriate announcements as and when
there are any further material developments on the matters above,"
it added.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company engaged WongPartnership LLP as legal advisors and Ernst
& Young Solutions LLP as financial advisors in this process. On
Jan. 29, WongPartnership applied to discharge themselves due to
difficulties relating to "loss of confidence and good cause" in
working with the client.  The Company subsequently appointed
Clifford Chance and Cavenagh Law as its legal advisers in WongP's
place.

In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to
Reuters.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***